The grading of commons is usually done by the set registry people who try to get entire sets graded. These people have lots of money to burn. But for sets with production quality issues (anything with a black border, sets with lots of centering issues, rough cut cards like almost anything OPC up to 1990), perfect PSA 10s or BGS 100s are fairly rare and can command a premium, even for what would usually be a 5 cent common. This niche in the hobby is really catering to a very small audience with very deep wallets.
For the average collector, no, there would be virtually no point in grading a common.
Here are PSA's fees:
http://www.psacard.com/Fees/
Here are Beckett's fees:
http://www.beckett.com/grading/compare_our_services
To get breaks on the fees, several sites offer group submissions, where basically your card is bundled with other people's cards and all graded in a batch to lower the per-card fee. Without that, you're usually looking at roughly $10 to grade a single card. But if you were talking about a 1986 OPC Jesse Barfield, it could be worth the $10 if it came back as a perfect grade because the 1986 set has the almost triple whammy of centering, black border and rough edges.